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When the OD light flashes it means the transmission has developed a fault. As to what the fault may be is yet to be seen without the system being scanned. In many cases the light indicates the transmission is slipping, you may not feel it slipping, but the computer (called the PCM) senses it through the internal speed sensors that measure main shaft input speed and shaft output speed in RPM. Other problems like shift solenoids can cause this as well. Another factor can be the transmission fluid is worn out, it should be replaced along with a new filter every 60,000 miles minimum.

the symbol with a car and 2 curved lines behind means:
"Slip control" or "Stability control" (also known as ESC, ESP, ASR or DTC) warning.
Toyota Trac Inop Light Toyota's traction control helps you maintain traction on wet, icey, loose or uneven surfaces. There are complex wheel speed sensors that will trigger the traction control safety feature as needed. If you see the trac inop light illuminate, this feature might be disabled. A Toyota service rep can access the trouble code and identify what is needed to fix any potential issues. - See more at: http://jeffwylerclarksvilletoyota.com/section/secondary/toyota-dashboard-indicators#.dpufToyota Dashboard Indicators

The flashing OD light indicates there is a problem in the transmission control system. When the Transmission Control Unit detects a malfunction it will flash the OD light and store a Diagnostic Trouble Code (DTC) in the computer. You will need to have a Ford Dealer pull the codes and determine exactly what is wrong.
I wish I could be more specific, but there are about 120 different reasons for the flashing OD light.

The flashing light is indicating some kind of trans problem, have the system tested with a scan tool and get the stored fault codes, then post them back here and we will try and help you to get it fixed.

Actually,when the O/D light is flashing,the vehicle is indicating a problem within that specific system.When this happens with any system on the vehicle,a diagnostic trouble code is set in the vehicle computer's memory.What you did by disconnecting the battery was simply to erase the trouble code from the computer's memory.If the transmission feels like it is slipping,it probably is,and that's where the problem will be.You can drive the vehicle,and the code will reset again sooner or later,as will the O/D light flashing.Have the vehicle scanned when the code resets,try not to drive it very hard,because if the trans is slipping,driving it will worsen the damage/cost to repair.

O/D light flashing is computer indicating an issue with the transmission -no surprise. Make sure the transmission fluid is still good (dosn't smell burnt, right level). Slipping could be the TCC (torque Converter clutch) - not a cheap part - but would only really slip in 4th gear (above 40 mph). Slipping before that could be numerous things in the trans (low fluid pressure, torque converter issues).
I would be tempted to replace the fluid anyhow, but there is a chance an expensive issue is starting to arise - and replacing the fluid on a failing transmission could cause it to fail 100% (or can fix it nearly 100%). These can be touchy transmissions, too much DIY without the right diagnostic tools can be bad. Not what you wanted to hear, and not an expert, but have had some expertise with these.hope that helps.